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2014 (12) TMI 1335 - HC - Income TaxReopening of assessment - proceedings reopened after a period of 4 years - grant of benefit u/s 80(O) - Held that:- Accepting the said stand, the assessment was made and benefit under Section 80(O) was granted. With the change of the assessing authority, that too, after taking note of the assessment orders passed subsequent to the said order for the subsequent years, the assessment is sought to be reopened after a period of years. Four years is the period of limitation prescribed for the re-opening of the assessment in the sense, an assessment cannot be reopened unless the case falls within one of the exceptions mentioned in the first proviso. If an assessment is to be reopened, the assessing authority has reasons to believe that any income chargeable to tax has escaped assessment, it is settled law that change of opinion cannot constitute a ground such as reason to believe for reopening the assessment and that is precisely what the appellate authorities have held. If an assessment is to be reopened after four years, then the conditions stipulated in the proviso is to be fulfilled. In the instant case, the support is sought from the last ground i.e., failure to disclose fully and truly all material facts necessary for his assessment. However, there is no whisper in this regard. It is in those circumstances, both the authorities on proper appreciation of the entire material on record have concurrently held that case would not fall under Section 147 - Decided in favour of the assessee.
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